Ethereum Price Analysis: Expert Says ETH is Primed for Breakout

Ethereum price could trigger a massive breakout rally, says Veteran trader Peter Brandt. Although Brandt did not explicitly mention this, his ETH daily bar chart spoke for itself. Based on the trader’s chart and Ethereum price analysis, the ongoing consolidation could trigger a bullish rally.

Peter Brandt Hints Ethereum Price Edging Closer to Breakout

In a recent post, Peter Brandt hinted that Ethereum price is ready to break out. Specifically, he said, “Every dog has its day — woof woof $ETH,” along with a daily Ethereum bar chart depicting a symmetrical triangle.

Judging based on the symmetrical triangle, there’s no specific breakout directional bias. However, if one considers the 50% rally noted between May 8 and 13, this pattern would morph into a bullish pennant. A bullish pennant is a continuation pattern that forecasts a continuation of the bull trend.

This is not the first time Brandt has commented about Ethereum. On May 9, the veteran trader clarified that he does not hate “Ethereum” just because he does not comment on it. He added a chart, commenting that the long-term congenstion pattern could catalyze a “moonshot” rally for Ethereum price.

“I usually go out of my way to NOT say anything good about $eth You can call it “hating” — I guess you are right But, this congestion pattern could support a moon shot.”

Apart from Peter Brandt, even institutions like BlackRock and whales have also started noticing ETH’s strength amid the recent crypto market turmoil.

ETH Price Analysis: How High Can Ethereum Go?

If Peter Brandt’s bullish pennant pattern plays out, it would require a decisive daily candlestick close above the pennant’s upper trendline. This move will confirm a bullish breakout, and the target is obtained by adding the length of the rally preceding the pennant to the base of the pennant. Based on Peter Bradnt’s hints, the theoretical Ethereum price target would be $3,611.

In a recently published CoinGape price prediction based on on-chain data, ETH could go as high as $4,000.

However, traders also need to be cautious of fakeouts and rejection at the pennant’s upper trendline. A failure to push out of the symmetrical triangle could lead to a breakdown. In this case, a decisive daily candelstick close below $2,387 will invalidate the bullish pennant. This development could potentially kickstart a 21% correction to $1,879, the next key support.

While this outlook is a short-term price prediction for Ethereum based on Brandt’s comment, check out a long-term outlook for ETH – Click This